An absorbable iron-based alloy implantable medical device includes an iron-based alloy matrix, a degradable polymer coating disposed on the surface of the iron-based alloy matrix, and a corrosion inhibition layer disposed on the surface of the iron-based alloy matrix. The corrosion inhibition layer can delay early-stage corrosion of the iron-based alloy matrix, ensure mechanical performance of a medical device in the early stage of the implantation, prevent degradation of a polymer in the early stage of the implantation of the medical device, and reduce the usage of the degradable polymer, thereby reducing risks of inflammatory reactions.